Your credit score is better than it’s ever been, and you have your down payment in hand. You’re excited about buying a home but don’t want to make any mistakes along the way. A common worry among homebuyers has to do with timing. In other words, is there a better or worse time to buy a house?
When is the Best Time to Buy a House?
Typically, the best time to buy a home is in the late summer, when sellers are lowering their prices heading into the fall. In general, sellers will begin dropping their prices in August, and this will continue as the cooler weather arrives.
While there may not be as many homes on the market in the winter months, that doesn’t mean there aren’t homes for sale. People need to sell their homes and relocate for any number of reasons, so there will always be homes and deals available if you’re willing to do the footwork.
Is It Currently the Right Time for a Home Purchase?
The past year has been a strange one, and it’s been anything but typical. The COVID-19 pandemic has impacted the housing market in a variety of ways. But, interestingly, it hasn’t caused housing prices to plummet. One of the reasons for this is that there is still a limited supply of homes on the market.
While there has been some price growth in real estate over the past year, it’s still a good time to buy. Why? Interest rates are lower than they’ve ever been. That said, mortgage lenders have tightened their requirements slightly, meaning you’ll need a bit higher credit score to qualify for something like an FHA mortgage.
Provided your financial house is in order, it’s still an excellent time to buy a home. Homebuyers in this market are urged to lock in low mortgage rates while they’re still available, potentially saving thousands over the life of a loan.
When the Best Time for YOU to Buy a Home?
Statistics and other market figures are well and good, but you should always buy a home when you are ready and have your financial ducks in a row. If that time is now, go for it. No one can accurately predict what tomorrow will bring, and you might regret putting off a decision when the perfect home is available.
And, finally, buying a home is about more than just money. Homeownership is a big responsibility and the beginning of a new lifestyle. Before you take the leap, make sure you are ready to handle everything that comes with having your name on a property title.
Finding the ideal home is another matter. It’s always a good idea to have a team of experts in your corner that can help you navigate the homebuying process and get the best deal. The Lafayette Team provides professional representation to both buyers and sellers, and we have over 17 years of combined experience in the area.
Contact us today to learn more about how our services can help you find the right home – any month of the year.